Another South Loop condominium development is looking to clear their unsold inventory via an auction. On November 15, 2009 Michigan Avenue Tower II will auction off 41 units in one hour at the W Hotel, starting at 1:00 PM. Check out the link above for information on the building, floor plans, and some historic sales data. The building is located at 1400 S. Michigan Avenue and offers nice views from the north (above the 10th floor or thereabouts) and east facing units.

Here is the list of condominium units up for auction:

Unit #

Unit Type

Sq. Ft.

Exposure

Last AskingPrice

Minimum Bid

Assessments

500

Studio / 1BA

580

East

$135,900

$99,000

$239

1211

1BD / 1BA

692

West

$239,000

$120,000

$277

1812

1BD / 1BA

692

West

$238,900

$120,000

$294

1911

1BD / 1BA

692

West

$238,900

$120,000

$300

1912

1BD / 1BA

692

West

$240,900

$120,000

$298

2011

1BD / 1BA

692

West

$241,900

$120,000

$303

2212

1BD / 1BA

692

West

$243,900

$120,000

$310

2311

1BD / 1BA

692

West

$246,900

$120,000

$317

2312

1BD / 1BA

692

West

$246,900

$120,000

$314

2512

1BD / 1BA

692

West

$252,900

$120,000

$317

1906

1BD / 1BA

783

South

$302,900

$135,000

$318

2006

1BD / 1BA

783

South

$305,900

$135,000

$321

2106

1BD / 1BA

783

South

$308,900

$135,000

$351

2306

1BD / 1BA

783

South

$314,900

$135,000

$357

2506

1BD / 1BA

783

South

$320,900

$135,000

$371

1107

1BD + / 1BA

751

North

$264,900

$135,000

$293

1507

1BD + / 1BA

751

North

$266,000

$135,000

$306

2008

1BD + / 1BA

751

South

$276,000

$135,000

$314

2108

1BD + / 1BA

751

South

$279,900

$135,000

$350

2208

1BD + / 1BA

751

South

$282,900

$135,000

$353

2308

1BD + / 1BA

751

South

$285,900

$135,000

$356

2507

1BD + / 1BA

751

North

$306,900

$135,000

$371

2205

1BD + / 1BA

825

North

$305,000

$150,000

$359

2505

1BD + / 1BA

825

North

$316,000

$150,000

$375

809

2BD / 2BA

1,027

Northwest

$345,900

$175,000

$381

1409

2BD / 2BA

1,027

Northwest

$363,900

$175,000

$400

1509

2BD / 2BA

1,027

Northwest

$366,900

$175,000

$403

2009

2BD / 2BA

1,027

Northwest

$381,900

$175,000

$419

2309

2BD / 2BA

1,027

Northwest

$390,900

$175,000

$446

2509

2BD / 2BA

1,027

Northwest

$395,900

$175,000

$460

2510

2BD / 2BA

1,027

SouthWest

$391,900

$175,000

$449

2802

2BD / 2BA

1,115

South

$439,900

$200,000

$510

2605

2BD / 2BA

1,144

North

$520,000

$200,000

$488

2705

2BD / 2BA

1,144

North

$525,000

$200,000

$491

2606

2BD / 2BA

1,259

Southwest

$559,000

$235,000

$521

2706

2BD / 2BA

1,259

Southwest

$446,900

$235,000

$532

2607

2BD / 2BA

1,259

Northwest

$559,000

$235,000

$524

703

2BD / 2BA

1,260

Northeast

$429,900

$235,000

$444

1104

2BD / 2BA

1,260

SouthEast

$435,900

$235,000

$405

2602

3BD / 3BA

1,540

Southeast

$650,990

$375,000

$???

1203

3BD / 3BA

2,120

Northeast

$682,000

$375,000

$764

These units are being auctioned off without parking. Indoor, heated parking spaces can be purchases separately at a flat fee of $35,000. Notice that most of the units being auctioned off have the less desirable exposures. Units are available for previews daily through November 14. Every time I’ve been to the building it has been swamped with potential bidders so I’m thinking there aren’t going to be any bargains at this auction. Then again, all these people could be bottom feeders, who will drop out once the bids rise $20K above the minimums.

Bidders will be required to register in advance of the auction and should check in by 12:00 noon on the 15th at the W Hotel, located at 172 W. Adams St., in Chicago. Bidders must bring a cashier’s check or the usual substitutes for $5000 along with a blank personal check, which will be used in combination to leave a 5% deposit (of the winning bid amount). A separate cashier’s check is required for each property that the bidder is approved to bid on. It sounds like they won’t let you into the auction without presenting the checks.

Bidders can work with realtors but their realtor must be present at the bidder’s first visit to the building and all must register in order for the realtor to earn the 2% commission.

There will be a practice auction at 7:30 PM on November 14, also at the W Hotel. Interested bidders would be well advised to attend this event as it will provide an opportunity to find out what the bid increments will be, whether or not you will be able to understand the auctioneer (why the hell do they talk so fast?), and get a feel for the overall process.